The interest the account earn in the first month is = $0.73
The amount deposited( = $500
The payment rate per year = 1.75%
The payment time = per year(12 months)
Therefore simple interest in first month=
[tex] \frac{p \times t \times r}{100 \times 12} [/tex]
[tex] \frac{500 \times 1 \times 1.75}{100 \times 12} [/tex]
[tex] \frac{875}{1200} [/tex]
=$0.73
Therefore, the interest the account earn in the first month is = $0.73
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